By Michael Oneal |
A Connecticut investment firm said Monday that it will halve its
investment in Broadwind Energy Inc., a Naperville-based wind-energy
firm.
 
As a result of the move, board member David Reiland, the former chief
executive of motion-control company Magnetek, will become as
Broadwind’s board chairman, replacing James Lindstrom of Tontine
Associates, which led a group of funds that collectively are
Broadwind’s largest stockholder.

Lindstrom will leave the company. Reiland, 56, has served as a member of the company’s board of directors since April of 2008.
 
In a filing, Tontine said it will distribute 20 million shares of the company’s common stock to Tontine investors that are not affiliated with Tontine. Following the distribution, Tontine will hold 20 million shares or approximately 18.7 percent of the Company’s outstanding common stock, in its continuing investment fund and through other entities affiliated with Tontine.
 
Except for Tontine and its affiliates, the distributions by Tontine will not result in any new stockholder of the company holding in excess of 5 percent of the company’s outstanding shares of common stock.